Imara, the Pan-African financial services group predicts a wave of private-sector unbundling, subsidiary disposals and corporate restructuring across the dollarised Zimbabwean economy.

In a recent report to international investors and fund managers, Harare-based Imara Asset Management notes that historical factors led in Zimbabwe to the creation of conglomerates and wide-ranging holding company structures. But dollarisation could be a catalyst for change.

Imara Asset Management CEO, John Legat explains: "Operationally, doing business has become considerably easier under dollarisation (this) implies that good management will quickly spot any inefficiencies in their business models and take appropriate action.

"Many business models in Zimbabwe simply do not work in the new dollarised and competitive environment, but managed to get by in a less competitive and inflationary environment. Such companies could well be those whose models were built on import-substitution products."

In Imara's view, businesses like this will be closed, sold or remodelled.

Scrutiny of Zimbabwe's listed companies indicates that a number are holding companies.

"Often there may be little synergy or correlation between each business, largely because group structure was a product of history, driven by former mergers or economic imperatives," says Legat.

"In Zimbabwe, exchange controls and lack of foreign exchange were such imperatives."

Delta is one example that took control of Ariston to access foreign exchange.

Post-dollarisation, Delta has chosen to sell its Ariston stake to unlock capital for its core brewing and beverages business, Legat says.

Imara points out that one mechanism is the issuing of shares in a subsidiary to a technical partner able to provide capital and skills.